Stablecoin rails, tokenization, and the regulated onchain financial stack.
Components that cannot be computed are dropped and the weights renormalize — never faked to neutral.
Undisclosed amounts count as zero capital; deals still count.
| # | Company | Valuation | Secondary vs Round | Last Round |
|---|---|---|---|---|
| 1 | KuCoin | $20B as of 2026-08 | no mark | 2022-05-10 |
| 2 | Ripple | $19B as of 2025-Q4 | no mark | 2025-11-04 |
| 3 | OpenSea | $13B as of 2021-Q4 | no mark | 2022-01-04 |
| 4 | Hyperliquid | $11B as of 2026-Q3 | no mark | 2024-11-29 |
| 5 | Kraken | $11B as of 2025-Q4 | -49.4% | 2025-11-17 |
| 6 | Saronic | $9.3B as of 2026-Q1 | +15.3% | 2026-03-31 |
| 7 | Fireblocks | $8.0B as of 2022-Q1 | -67.4% | 2022-01-01 |
| 8 | FalconX | $8.0B as of 2022-Q2 | -86.1% | 2022-06-21 |
| 9 | Consensys Software | $7.1B as of 2022-Q1 | -80.5% | 2022-03-09 |
| 10 | Blockchain.com | $7.0B as of 2023-Q4 | no mark | 2023-11-14 |
| 11 | CHAOS Industries | $4.5B as of 2025-11 | no mark | 2025-11-01 |
| 12 | Binance.US | $4.5B as of 2022-Q2 | -79.8% | 2022-04-06 |
Methodology. Emerging Spaces groups the tracked private-company roster into curated thematic spaces and scores each space's momentum 0–100 from four disclosed-data components: trailing-90-day capital vs the prior 90 days (40%), deal-count acceleration on the same windows (25%), news activity per tracked company over 30 days (20%), and the median secondary-market premium to last round across the space's marked names (15%). Components that cannot be computed are dropped and the weights renormalize — the basis is disclosed per space. Quarterly trends derive from dated, disclosed rounds; undisclosed amounts count as zero capital. An attention map of disclosed activity — not a prediction, not investment advice.